Growth slowing as luxury goods sales in China pass $17 billion
20/12/2011
Bain says 2011 has been another good year for sales of luxury goods, including high-end shoes and leathergoods, in China. However, the company has said growth “softened” in the fourth quarter and claims many of the brands it has spoken to are only “cautiously optimistic” about the Chinese market in 2012.
According to Bain, sales of luxury goods on the Chinese mainland grew by 27% in 2010 to reach $14 billion. Growth specifically for leathergoods was 30% in 2010. However, the analyst firm says this may be closer to 25% in 2011, while growth for high-end shoes will be lower at 20%. It predicts that the overall value of luxury goods sales in China in 2011 will reach more than $17 billion.
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